After the 3rd try of trying to buy a home my buyer was a bit wary when it was time for the closing. It had been delayed once because the lender was not able to give a clear to close the previous week. We did our walkthrough and she was starting to get a bit excited. It had been a long road trying to get this far.
All she had been approved we had lost one deal when their were multiple offers and the 2nd deal had fallen apart because the townhome had been listed as a condo and the new FHA rules required an approved condo project and the owners did not get it approved and had no desire to go through the process.
We made it to the title company in Aurora to be told that the lender had not sent in the closing documents. Having had the same thing happen with this lender on a previous transaction I knew it was going to be a long day.
I tried to keep my buyers focus on the end result but to make this a short and bitter post - we did not close - the lender was unable to get the closing package to the title company in time. No fault of my buyer, the mortgage broker or anyone who had been involved - just the lender's own internal process getting hosed up by some process that was not done correctly.
The losers are the seller who was bringing money to the closing, the buyer who was not able to close and move into the home she had waited for over a month for and of course, both realtors and attorneys who spent all day trying to make it happen and failed.
I don't like to fail. I immediately tried to solve the problem but it was too late. My buyer has decided to hold off on buying a home ...a couple of months or maybe a year. Her employer is making changes and she wants to make sure she will be still around when they are through. She saw the failure to close as a sign that perhaps she should wait.
Perhaps she is right. I saw it as a sign that I would never do another transaction with this end lender if I had any say in the matter. Their arrogance in not meeting their deadline left a bad taste in my mouth. The mortgage broker felt like his reputation was hurt by the end lender not meeting their commitment after approving the loan.
Win some - you lose some...this lender lost a lot. With 7 people involved in the transaction that will talk about them to at least 2 or more people each plus the closer and other employee's of the title company their name will be tossed around as a company that you don't want to do business with by a lot of people.
I don't need a 3rd transaction to come close to failing to know that this lender is out!
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